Far West

The Internal Revenue Service is auditing $19 million of tax-increment refunding revenue bonds that were issued by Missouri's Florissant Industrial Development Authority in 2003.

An advisory committee to the Internal Revenue Service recommended that it treat conduit borrowers as taxpayers for compliance matters so it can deal with them directly and cause less unnecessary burdens for transaction participants.

WASHINGTON - The District of Columbia Council voted 11 to 2 to approve a proposed $10.8 billion budget for fiscal 2012 that would impose a local tax on non-district municipal bonds beginning on Jan. 1, 2011.

President Obama's two nominees to the Securities and Exchange Commission navigated their confirmation hearing before the Senate Banking Committee on Tuesday only to have David Vitter hold up their nominations.

The Commodity Futures Trading Commission has proposed to delay some rules for the swaps market until as late as Dec. 31, 2011.

SAN FRANCISCO - California lawmakers are up against a zero-hour constitutional deadline Wednesday to pass a balanced budget or they will begin to lose pay.

The Department of Transportation is proposing high-speed rail projects be built with 100% American-made parts and equipment.

An advisory committee is scheduled to meet Wednesday and submit five reports to the Internal Revenue Service, including one on the role of conduit issuers in tax compliance and another on tribal economic development bonds, according to members.

Billionaire Eli Broad's new contemporary art museum in Los Angeles will sell $150 million of bonds this week to help get it off the ground.

WASHINGTON - State and local governments will lose at least $10.1 billion this year in tax revenue not collected on Internet transactions - a figure some experts believe is too low - while federal legislation that would grant states the authority to collect online sales taxes has stalled amid anti-tax sentiment.